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Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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It’s literally just moving around chairs on the titanic. I also like how the head of the labor committee is a 32 year old kid who has never held a job outside of government his adult life. He received the endorsement of all progressive groups and major unions. This is exactly what is wrong with this state. There’s no way to fix this either. This young crop of socialists, ahem progressives, will be in office – with literally no serious contests – in various forms for 40 years until the very end when they are totally corrupt. This state cannot… Read more »